25 Million Project Managers In Demand As Median Salaries Soar To $120k

The project management industry is witnessing unprecedented growth, and is set to increase in demand over the next few years, with a predicted 25 million needed to fill the gap across various industries globally. Some of the most popular sectors with opportunities for project managers include technology, construction, manufacturing, and finance.

This comes at a time when the technology sector is booming, with AI spurring the need for over 90 million new jobs. It turns out that roles requiring project management skills and capabilities such as people management, stakeholder management and engagement, budgeting, project planning, and resource management are becoming more of a necessity for most organizations.

And in tandem with this demand, the median salary for project practitioners in the U.S. is $120k, up from $115k in 2021, according to the Project Management Institute’s (PMI) findings.

What Countries Offer The Highest Salaries For Project Managers?

According to PMI’s report, the United States, Australia, Germany, United Kingdom, and Singapore turn out to be in the list of the top five countries offering the most promising salaries for PM professionals.

The rate of increase dramatically varies across countries, however, with Saudi Arabia, South Africa, and The United Arab Emirates, witnessing increases of more than 60%.

But living and working in the right country is only part of the answer. As a general rule, you need to fulfil a few key criteria before you can expect to make six figures in this profession. Some of the other factors that affect your salary are outlined below:

Factors That Influence Earning Potential

To build and continue to grow your career as a project manager, you need to first bear in mind that a continuous growth mindset is key to your career success. Any management profession demands some aspect of PM skills, but if you are working specifically as a project manager, you will be expected to be versatile, adapt, plan for the worst, and coordinate multiple aspects while keeping projects or programs running smoothly. In our technically enhanced economy, you’ll need to work on adopting new skill sets, such as proficiency in emerging technologies like AI, machine learning, automation, and data analytics.

Therefore, ongoing industry awareness is key to your career success and salary increase.

Continuous learning

So it’s no wonder that continuous learning and development, specifically for project management practice, played a key role in influencing some of the highest wage earners surveyed by PMI, who reported that obtaining a PMP certification helped them earn more in their roles. Some other project management certifications you can obtain include Prince2 Foundation and Practitioner, Certified Associate in Project Management (CAPM), and Six Sigma Green Belt and Black Belt.

Project size and sector

The scope and budget of a project, and the type of sector you’re operating in, can significantly impact earning potential. For example, a multi-million-dollar government project would pay ignorantly more than a non-profit working with a half-million budget.

Experience

The number of years of experience you have in project management is a directly contributing factor to your earning potential. As you increase in years of experience, in project size, and in your qualifications, your pay will show for it. For example, a project manager in the United States with less than three years of experience could make on average $78,279, while those with up to 10 years of experience can earn around $100,000 annually.

While industries and sectors are evolving and demand increases for project managers in various capacities, this is the perfect time to jump into the industry if you haven’t already. Contribute to the economy and experience a thrilling and rewarding career by obtaining your certifications so you can have a competitive edge, and build your experience both in and outside of work so you have a portfolio of successful projects to showcase your expertise.